EPF Transfer Claim Settlement To Become Online
Employee provident fund organization (EPFO) has launched a revised claim form through which now transfer of EPF can be made online. This facility is planned to start by August 2013 end and will help the employee. This form transform form has been launched but the EPFO is waiting for collecting the digital signature of the employer. Currently you can check your EPF Online.
Various other online facilities that is now available are
You can Get EPF E-Passbook online
Raise EPF Grievance online
Apart from the above features now EPF office is all set to make claim settlement process as an online process.
The revised form will have the following salient features:
- The form will be called Transfer Claim Form instead of Form 13 for easy comprehension by the beneficiaries.
- The form can be presented after verification, either through the present employer or previous employer. Earlier the form could be submitted after verification only through the present employer.
- This form can be submitted online as well as in physical form. The facility of online submission of this form will be given shortly after process of collecting the digital signature of the employer is completed.
- The facility to file physical form shall continue to cater to the needs of working class who do not have internet access.
- Employee will be allowed to submit their applications online, if their employer is having registered digital signature.
- Online submission of form will introduce paperless process for claim settlement, every beneficiary will be informed through SMS and e-mail about the stage of process of the claim to make the entire process transparent and accountable.
- After introduction of online claim settlement, endeavor will be made to substantially reduce the assured time of settlement of transfer claim which presently is 30 days
Online PF Withdrawal and Transfer facility is not only a respite for the employees but this would be more than they could ask for. Since, people are often careless about retirement savings simply because there are not many facilities available with PF, this initiative would motivate employees to secure more money for their retirement, considering the ease of access it would offer.
Contributing to your EPF simply means that you would be able to save much more in terms of financial security for the later phase of life. The normal practice however, has been that most of the employees stop contributing to their EPF after they change their job and thus the entire motive is failed. Changing jobs does not allow an employee to do PF withdrawal for the amount. The online EPF withdrawal and transfer facility would put an end to the malpractices associated with EPF.
Benefits of EPF Withdrawal and Transfers online?
Transparency of transfer and withdrawal has always been a problem for EPF. With this new online facility, the department can now maintain a transparency. Now the employees can keep a track of their applications online and they no more need to run from one desk to another. You can check EPF balance online easily now and is very simple to check it.
Moreover, EPF tracking would be made central and would be managed centrally from the Delhi office. This would put pressure on regional offices to perform. Earlier, application processing used to take months, but with this facility, you can expect your application to be processed with three weeks.
The employers would be more responsible and accountable in terms of responding for details of the employees who have left the organization. With this new facility, the employers do not have to do much and can verify the employees’ credentials through just few clicks. On the other hand, making everything online would also minimize the errors in application filling and verifications.
How to do PF Withdrawal and transfer online?
EPFO or the EPF organisation invests the money to get the return which is then paid as part of interest. The only catch is that you don’t have to directly handle the money to invest in safer options. But your employer does. Your employer deducts a fixed part of your salary and contributes it towards your provident fund.
Since the employer authenticates your credentials in case of EPF investment, there used to be a lot of paper work involved earlier, which made the entire process quite cumbersome. However, with online facility coming into effect, everything would become faster and consequently quite efficient.
The actual process of online EPF Withdrawal and Transfer
There is a set pattern for using the process. You first need to check your eligibility for using the online facility. The facility is not yet functional for all organizations since most of the organizations have not yet validated their digital signatures. To fill the details, employee needs to visit www.epfindia.gov.in and provide their account number and employers code. Before filing the application form, you need to have all these details handy. If you are not sure of your employer code, you may search it from the EPFO website.
Once you submit the application, you have the option of downloading the application form for printing. You can submit this filled application form to either your past of present employer so that your identity with the employer may be validated. The other copy of application would directly be sent to the employer for everyone to be on the same page.
The challenges so far
EPFO declared that both withdrawal and transfer facility would be started simultaneously. However, things could not get started within time. The challenge is that not all the employers have given the digital signatures so far and thus things have become a little stuck in the middle for EPFOs. Only when the digital signatures are brought it from the employers could this new online facility be relevant for employees as well as employers.
UAN Numbers use in PF withdrawal
The PF number Portability has been introduced by EPFO and the new portable number would be termed as Universal Account Number. This number is said to make the process of EPF transfer and withdrawal much convenient as compared to the earlier processes. The number would be common for the employee throughout India irrespective of where the employee works. This would bring down the time wasted on PF transfers, which was a cause of concern in the earlier process. You can check the process on to how to get UAN number online.
To sum it up, you should check whether you are eligible for the online facility or not by simply visiting the EPF website and see whether the list includes your employer or not. If your employer has provided digital signatures to the EPFO, it should be there on the portal and you would be able to enjoy the facility to do PF withdrawal and transfer online.